The U.S. Small Business Administration (SBA) has issued a reminder to eligible small businesses and private nonprofit organizations in Montana about the upcoming deadline for federal disaster loan applications. The loans aim to mitigate economic losses resulting from the drought that began on October 8, 2024. The deadline for these applications is June 16.
The disaster declaration includes several counties across Montana, North Dakota, South Dakota, and Wyoming. SBA's Economic Injury Disaster Loan (EIDL) program provides financial support to small businesses, agricultural cooperatives, nurseries, and private nonprofits affected by the drought. However, agricultural producers, farmers, and ranchers are not eligible for these loans unless they operate small aquaculture enterprises.
EIDLs can be used for working capital needs such as fixed debts, payroll, accounts payable, and other expenses that could not be paid due to the drought. Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated: "Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover. We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters."
The maximum loan amount available is $2 million with interest rates starting at 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years with no interest accruing or payments due until 12 months after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center via phone or email. Those with hearing or speech disabilities can access telecommunications relay services by dialing 7-1-1.
Completed loan applications must be submitted by June 16.